Simon Johnson is still worried about the financial sector:

Next time, we cannot be certain that the available size of fiscal stimulus – either in the US or worldwide – will match the negative shock to demand caused by the credit crisis.  Either we will already have too much debt or we will be constrained by the consequences of taking on even more debt.  Or – just as in 1930 – the financial decelerator will simply be too large to be offset by any feasible fiscal measures.

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